Common use of Cost of Living Adjustment (COLA) on Retirement Benefits Clause in Contracts

Cost of Living Adjustment (COLA) on Retirement Benefits. A Cost of Living Adjustment (COLA) based on each prior annual benefit amount actually received (exclusive of onetime bonuses or adjustments) shall be provided for retirees and survivors. For Members with 20 or more years of credited service as of the Prospective Effective Date, beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-weekly pay period in January, the recipient shall be granted a COLA in the amount of three percent. For Members with fewer than 20 years of credited service as of the Prospective Effective Date, beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-weekly pay period in January, the Member shall be granted a COLA equal to three percent applied to the portion of the accrued benefit based on credited service prior to the Prospective Effective Date, and equal to the Social Security COLA for the same plan year, but not to exceed four six percent, applied to the portion of the accrued benefit based on credited service on and after the Prospective Effective Date.

Cost of Living Adjustment (COLA) on Retirement Benefits. A Cost of Living Adjustment (COLA) based on each prior annual benefit amount actually received (exclusive of onetime bonuses or adjustments) shall be provided for retirees and survivors. For Members with 20 or more years of credited service as of the Prospective Effective Date, beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-weekly pay period in January, the recipient shall be granted a COLA in the amount of three percent. For Members with fewer than 20 years of credited service as of the Prospective Effective Date, beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-weekly pay period in January, the Member shall be granted a COLA equal to three percent applied to the portion of the accrued benefit based on credited service prior to the Prospective Effective Date, and equal to the Social Security COLA for the same plan year, but not to exceed four six percent, applied to the portion of the accrued benefit based on credited service on and after the Prospective Effective Date.

Cost of Living Adjustment (COLA) on Retirement Benefits. A Cost of Living Adjustment (COLA) based on each prior annual benefit amount actually received (exclusive of onetime bonuses or adjustments) shall be provided for retirees and survivors. For Members with 20 or more years of credited service as of the Prospective Effective Date, beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-bi- weekly pay period in January, the recipient shall be granted a COLA in the amount of three percent. For Members with fewer than 20 years of credited service as of the Prospective Effective Date, beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-weekly pay period in January, the Member shall be granted a COLA equal to three percent applied to the portion of the accrued benefit based on credited service prior to the Prospective Effective Date, and equal to the Social Security COLA for the same plan year, but not to exceed four six percent, applied to the portion of the accrued benefit based on credited service on and after the Prospective Effective Date.